Hi there, im quite worried

[nosasani]

I've set up my iva with payplan, sent my proposals back and Ive made my minimum due payments on my credit cards (natwest (my bank), capital one and vanquis), also made a token payment to welcome finance and recently just contacted natwest lending....

right ive only contacted natwest about my situation yesterday, i had my last wages paid into the account to which i withdrew straight away. i advised them my details are now with payplan and im entering an iva and gave them the relevant info.

ive recieved generic tel calls on my home phone ( i live with parents). i rung the collections team who advised me the calls are relating to a missed payment, i then re iterated the above information, they asked if payplan had said for me to open a dif account i said yes thats been done the chap replied 'ok good because your account will be closed the info passed onto our outside recovery team, should you be doing your debt management/iva with a third party company and not internally'. he said he'd pass the info onto them and read a generic statement relating to 'the default can be on reference for upto 6 yrs and can be fwd onto debt recovery agency etc'

Now what do i do? im in a bit of displacement at the moment.

i emailed my case officer who is now a different name becauses its the final stages of my iva.

any advice would be fantastic as im quite nervous. my new wages will be deposited into my new account with co operative, they seem decent )

take care all x

[Adam Davies]

Hi
All seems ok, quite normal to restrict accounts once they are aware of a pending IVA.
I would make token payments to all, rather than just to a couple as you need to treat all creditors the same
Good luck with your proposal
Regards

[nosasani]

Hi Andy, Thanks for replying so quickly. What is likely to be the next step? and yes i paid a token payment to all of them now so thats cool )

natwest mentioned about the 'recovery team' and when i asked they said it was seperate entity; im nervous. but atleast im quite far ahead, aren't i?

thanks

[kallis3]

Nothing to worry about, this will just be a standard thing. Most debts are passed on to a debt collection agency and you will get letters and calls.

Defaults will remain on your record for six years as will an IVA.

We're all here for you.

[kallis3]

You are quite far ahead. The recovery team is nothing to worry about, it's just the debt collections arm of the company.

[nosasani]

I've luckily achieved bonus to go into the end of oct pay packet, should i keep this as savings in the event of something going wrong? so i have a back up plan? as the IVA will doubtfully be setup within the next 3/4weeks as the meeting date isnt set just yet.

Nima

[Broke of London]

If you receive the bonus after your iva has been accepted you will need to pay across a percentage as detailed in your proposal. Your IP can clarify exactly how much will need to be paid across. If you receive the bonus before the creditor meeting, I think you can keep it all but check with your IP.

[nosasani]

my total accumulated debt is just under 13.5k, will the iva likely be accepted? my total disposable income for creditors after ive gone thorugh I & E is £201. One of my creditors loan amounts is £212 at the moment. What do you guys think?

[kallis3]

It is normally £15k but I know that some companies will accept them for less, but don't forget that the debt is going up all the time with the interest and charges.

Payplan have obviously accepted you so I'm sure you'll be ok.

[nosasani]

How long after the date has been set for the creditors meeting will there be a decision? Also; how long after would i begin making my actual payments?

thanks

[kallis3]

You will find out the day of the creditors meeting what the outcome is. You should make your first payment within 28 days.

[Pandy]

You will hear on the day of the meeting,you need to be near a phone or have a mobile with you. the first payment has to be made I believe within 28 days of that.


Snap Kallis3 just because you can type quicker than me [:D]

[nosasani]

Hi, if the iva is accepted and the payment is made; what is the general time scale that you will stop recieving male and telephone calls from creditor call centre(s) and/or recovery teams.

i'm still paying the minimum paymetns on my credit cards so they are not hastling me, and welcome finance is aware of my situation and has corresponded with payplan and ive paid them a token payment, as i have done with natwest. i have a funny feeling natwest wont be so forgiving as theyve been calling and when you answer a automated voice answers... annoying as hell!

[Shining]

Hi, the timescale to stop mail and calls can vary and depends on how quick the creditors update their systems, most ring at least once and you inform them of your accepted IVA but sadly others can take a little while.

All the best x

[nosasani]

So legally they have no means to authorise further action or sanctions to recover the debt if the iva has agreed even if for example one creditor doesn't agree to the terms of the proposal?. And finally, wherever a long the line my debt has ended with up to that point I.e if the original loan is now in the hands of recovery or collections, I take it, they will be the ones who r informed?